Read the House Ethics Committee Report on George Santos

2. 2022 Campaign Loans

The following chart summarizes the loans Representative Santos’ campaign committee, Devolder-Santos for Congress, originally reported receiving from him during the 2022 election cycle:

Devolder-Santos for Congress 2021-2022 Original Reported Loans

Loan Date

FEC Filing

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2021 July Quarterly Report

June 30, 20215

2022 April Quarterly Report | Mar. 31, 2022 2022 Post-General Report Oct. 26, 202258 (Amended)

Total

Loan Amount

$80,000

$500,000

$125,000

$705,000

The ISC reviewed the campaign’s bank records and other accounts held by Representative Santos but found no evidence of the $80,000 and $500,000 loans ever being made. Representative Santos did not have sufficient funds in his bank accounts to loan his campaign those amounts, 5

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57 This loan was not originally disclosed in Schedule C of the 2021 July Quarterly Report. The campaign filed an amended report on November 5, 2021, disclosing the loan on Schedule C and indicating at the same time that it had been fully repaid. Devolder-Santos for Congress, First Amended July 2021 Quarterly Report of Receipts and Disbursements, at 113 (Nov. 5, 2021). The FEC sent an RFAI on December 19, 2021, explaining that sufficient information about the loan had not been reported, including with respect to the repayment of the loan and whether the source of the loan was personal funds of the candidate. Letter from FEC Analyst Denise Stilla to Nancy Marks, Treasurer, Devolder-Santos for Congress (Dec. 19, 2021). On March 16, 2022, the campaign amended the report again to indicate that no repayments had yet been made on the loan. Devolder-Santos for Congress, Second Amended July 2021 Quarterly Report of Receipts and Disbursements, at 121 (Mar. 16, 2022). On April 4, 2022, the FEC sent another RFAI noting further deficiencies with the loan reporting (including the failure to indicate whether the source was personal funds of the candidate). Letter from FEC Analyst Denise Stilla to Nancy Marks, Treasurer, Devolder-Santos for Congress (Apr. 4, 2022). The campaign amended the report again on April 15, May 9, May 16, and September 12, 2022; it wasn’t until the September 12, 2022 report that the campaign provided the missing information and indicated the source of the loan was the candidate’s personal funds. See Devolder-Santos for Congress, Sixth Amended July 2021 Quarterly Report of Receipts and Disbursements, at 116 (Sept. 12, 2022). On January 24, 2023, the campaign filed another amendment that then removed all of the additional information about the loan included in the September 12, 2022 report. Devolder-Santos for Congress, Seventh Amended July 2021 Quarterly Report of Receipts and Disbursements, at 123 (Jan. 24, 2023).

58 This loan was not originally disclosed in Schedule C of the 2022 Post-General Report (the section of the report that would include details about the loan) but was reported as a contribution on Schedule A (October 20, 2022 – November 28, 2022). See Devolder-Santos for Congress, 2022 Post-General Report of Receipts and Disbursements, at 82 (Dec. 8, 2022). The FEC sent the campaign an RFAI flagging this issue on December 20, 2022, and the campaign filed an amended report on January 24, 2023, disclosing the loan in Schedule C. When disclosing this loan, the campaign did not state that it was made from the personal funds of the candidate. See Letter from FEC Analyst Denise Stilla to Nancy Marks, Treasurer, Devolder-Santos for Congress (Dec. 20, 2022); Devolder-Santos for Congress, Amended 2022 Post-General Report of Receipts and Disbursements, at 133 (Jan. 24, 2023). As noted infra, there was evidence that the October 26, 2022, loan was made, as the campaign deposited a $125,000 check issued by Representative Santos’ single-member LLC, Devolder Organization on that date.

59 Personal Checking Account #1 June 30, 2021 Account Activity showing ending balance of -$391.62; Personal Savings Account #1 June 30, 2021 Account Activity showing ending balance of $4.07; Personal Checking Account #2 June 30, 2021 Account Activity showing ending balance of $669.54; Devolder Organization Checking Account #1 June 30, 2021 Account Activity showing ending balance of $10,726.71; Personal Checking Account #1 March

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